Glastonbury leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Glastonbury will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and formalities to comply with once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Glastonbury,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Glastonbury valuers.
During the course of the last few months Lewis, started to get near to the 80-year threshold with the lease on his basement flat in Glastonbury. Having bought his property 18 years ago, the lease term was of little importance. Fortunately, he became aware that he needed to take action soon on Extending the lease. Lewis arranged for a lease extension at the eleventh hour last April. Lewis and the freeholder eventually settled on a premium of £5,000 . If he failed to meet the deadline, the premium would have become more exhorbitant by a minimum £975.
In 2014 we were e-mailed by Mr and Mrs. S Torres who, having acquired a first floor apartment in Glastonbury in June 2000. The dilemma was if we could approximate the price would be to extend the lease by ninety years. Comparable homes in Glastonbury with an extended lease were worth £257,800. The mid-range ground rent payable was £65 collected quarterly. The lease came to a finish on 12 January 2091. Taking into account 65 years left we calculated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 plus professional charges.
Mr and Mrs. W Johnson acquired a garden flat in Glastonbury in October 2011. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Comparable residencies in Glastonbury with an extended lease were in the region of £191,400. The mid-range amount of ground rent was £55 invoiced per annum. The lease elapsed in 2080. Considering the 54 years unexpired we estimated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of fees.